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ITEM 18
City Council Memorandum Management Services Memo No.
22-005
Date:
August 23, 2021
To:
Mayor and Council
Thru:
Joshua H. Wright, City Manager
From:
Dawn Lang, Deputy City Manager - Chief Financial Officer
Subject:
Resolution No. 5510, Authorizing and Providing for the Issuance and Sale of Not to Exceed $34,000,000 in General Obligation (GO) Bonds, Series 2021
Proposed Motion:
Move City Council pass and adopt Resolution No. 5510, authorizing and providing for the issuance and sale of not to exceed $34,000,000 in General Obligation (GO) Bonds, Series 2021, and authorizing the Management Services Director to determine whether it is in the City’s best interest to sell the GO Bonds in a competitive bid or through a negotiated sale.
Background:
Each year the City’s Capital Improvement Plan (CIP) is reviewed and updated based on community needs and available funding. Debt financing was planned for certain capital projects related to parks and recreation, streets and traffic, stormwater management, public safety police, and public safety fire. The City works directly with the City’s bond counsel firm of Gust Rosenfeld P.L.C., as well as the City’s Financial Advisor, Piper Sandler, & Co., to prepare the attached resolution and draft documents.
Discussion:
Bond authorization currently exists for all projects within this bond sale except public safety (police and fire). Sale of amounts related to police and fire are contingent on the approval of the November 2, 2021, Special Bond Election.
Financial Implications:
Debt service from the sale of these GO bonds is for planned capital projects and will be repaid from secondary property taxes, causing no changes in the secondary property tax rate.
Attachments
Chandler GO Bonds-Series-Resolution No. 5510
Chandler GO Bonds-Series 2021- Registrar Contract-draft
Chandler GO Bonds-Series 2021-Continuing Disclosure Cert-draft
Chandler GO Bonds-Series 2021-Preliminary Official Statement-draft
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